Dubai: Gold prices slip Dh1 per gram at opening of markets on first trading day

The price of gold fell by Dh1 per gram at the beginning of the markets on Dubai's first day of trading for the week. 
 
According to data from the Dubai Jewelry Group, the price of 24K gold was at Dh389.0 per gram on Monday morning, down from the weekend price of Dh390. 
 
For other types of the yellow metal, the prices were: 22K: Dh360.25, 21K: Dh345.25 and 18K: Dh296.0 per gram.
 
At 9:05 am UAE time gold was trading at $3,226.63 per ounce, down 0.36% from the previous price. Gold reached its peak price of $3,245.28 per ounce on April 11 of this year.
 
In the last two sessions investors have shifted towards buying gold at lower prices. SPDR Gold Trust (GLD), the biggest physical gold exchange traded fund, had net inflows exceeding $2.36 billion which is a rate not witnessed since February.
 
Samer Hasn, a senior analyst claimed that gold saw increases in value with respect to the deepening trade war and the growing uncertainty regarding its direction.

“The trade war has reached the point where China responded by raising tariffs on imports from the United States. This mutual escalation further weakens hopes for a diplomatic settlement to the conflict. Donald Trump's 90-day tariff waiver on countries worldwide failed to calm market fears for long, as the trade dispute with China accelerated.” Hasn remarked.

It's called “purchase more for less” with gold getting cheaper by a dirham per gram in Dubai, an opportunity to be seized. Subscribe to Just Dubai to stay on top of the news!